FASB Issues Proposed Updates for Future* Version of Taxonomy Related to Proposed ASU on Joint Venture Formations
Nov. 3, 2022
The Financial Accounting Standards Board (FASB) has published proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy related to a Proposed Accounting Standards Update (ASU) on Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The proposed taxonomy updates will include new elements, element deprecations, reference modifications, and modifications to documentation and standard labels. The public comment period on the proposed updates will end on December 27, 2022.
This proposed update to the U.S. GAAP Financial Reporting Taxonomy is one of many released throughout the year as proposed Accounting Standards Updates are issued. The U.S. GAAP Financial Reporting Taxonomy is published in the last quarter of each calendar year and incorporates all of these taxonomy updates. While each proposed taxonomy update has a public comment period, the annual release of the taxonomy version for that year does not provide a public comment period for feedback related to taxonomy changes for Accounting Standards Updates.
Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.
Only annual compilations of the U.S. GAAP Financial Reporting Taxonomy that are specified on the Commission’s website may be used in SEC XBRL submissions. The availability for public comment of the proposed U.S. GAAP Financial Reporting Taxonomy update does not indicate Commission approval of any potential regulatory changes related to the EDGAR Filer Manual. Please refer to the SEC’s EDGAR webpage at https://www.sec.gov/edgar/filer-information/current-edgar-filer-manual for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.
*The taxonomy version for proposed improvements related to proposed Accounting Standards Updates will be determined based on the effective date of each final Accounting Standards Update.